PenFed Credit Union HELOC review 2026
PenFed Credit Union offers a variable-rate HELOC with a starting APR of 8.00%–18.00% APR (variable). It's best for members wanting a fixed-rate-lock heloc available in all 50 states, typically wants a credit score of 680 or higher, and lends up to $500,000 at a maximum combined loan-to-value of 85%. Compare it against at least two other lenders before deciding — checking your rate through King of HELOC won't affect your credit.
PenFed Credit Union HELOC at a glance
| Starting APR | 8.00%–18.00% APR (variable) |
|---|---|
| Min. credit score | 680 |
| Max. loan | $500,000 |
| Max. CLTV | 85% |
| States | Available in all 50 states + D.C.; PenFed membership required (open to anyone) |
| Best for | Members wanting a fixed-rate-lock HELOC available in all 50 states |
PenFed Credit Union HELOC pros and cons
Pros
- Available nationwide with up to three fixed-rate locks during the draw period
- No initial-draw requirement (except TX, which requires a $4,000 minimum draw); HELOCs allowed on second homes and investment properties
Cons
- $99 annual fee (higher than many competitors)
- $25,000 minimum line; slower average close (~24 days)
Who a PenFed Credit Union HELOC is best for
A PenFed Credit Union HELOC is best for members wanting a fixed-rate-lock heloc available in all 50 states. To qualify you'll generally need a credit score around 680, a debt-to-income ratio of 43% or less, and enough equity to keep your combined loan-to-value at or below 85%. Strengthen any one of those before applying and you'll unlock better pricing — see our HELOC requirements guide and how to get the best HELOC rate.
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How this review was made (methodology)
Details above are compiled from public sources, including PenFed Credit Union's own published disclosures and third-party reviewers, and were accurate as of 2026-06-28. Rates are variable and change frequently. Ratings shown are third-party scores, attributed to their source — they are not King of HELOC's own ratings, and we don't publish invented ratings, rates, or customer reviews. Always confirm current terms on the lender's site before applying.
How we make money. King of HELOC is a marketing and lead-generation service, not a lender, and is not affiliated with or endorsed by PenFed Credit Union. We may be compensated by lending partners when you're matched with them, which can affect placement but never our editorial standards or the data on this page. All lines are subject to credit approval, income verification, and property valuation.
Compare other HELOC lenders
- Chase HELOC review — moderate lines and second-home helocs
- Bank of America HELOC review — low-fee helocs with intro rate and fixed-rate option
- U.S. Bank HELOC review — borrowers who want fixed-rate locks and no-closing-cost helocs
- See all best HELOC lenders →
Frequently asked questions
Is PenFed Credit Union a good HELOC lender?
PenFed Credit Union is best for members wanting a fixed-rate-lock heloc available in all 50 states. Independent reviewers rate it 4.0/5 (NerdWallet). As with any HELOC, whether it's the best choice depends on your credit, equity, and state — compare it against at least two other lenders before deciding.
What credit score do you need for a PenFed Credit Union HELOC?
PenFed Credit Union typically looks for a credit score of 680 or higher. The lowest HELOC rates generally go to borrowers with 740+ credit, a low debt-to-income ratio, and a combined loan-to-value at or below 85%.
How much can you borrow with a PenFed Credit Union HELOC?
PenFed Credit Union lends up to $500,000 on a HELOC, subject to a maximum combined loan-to-value of 85% of your home's value minus what you still owe on your mortgage.
What states does PenFed Credit Union offer HELOCs in?
Available in all 50 states + D.C.; PenFed membership required (open to anyone) Availability and terms can change, so confirm on PenFed Credit Union's site before applying.